daily briefing · 2020. 8. 11. · the box terminal began to resume operations. the 2,670 teu...

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Lloyd’s List | Daily Briefing Wednesday 12th August Page 1 Daily Briefing Leading maritime commerce since 1734 Wednesday August 12, 2020 Beirut container terminal resumes operation PART OF THE port of Beirut has reopened a week after a huge explosion devastated much of the city. The first two containerships to call at the port berthed on August 10 as the box terminal began to resume operations. The 2,670 teu Electra A, owned and operated by Turkish operator Arkas, had been sitting at the Beirut anchorage for two days. It has since left and is en route to Iskenderun. “We discharged and loaded all full containers as planned without exception,” a spokesman for Arkas told Lloyd’s List. “The surprising and pleasing news for us was that no damage was reported on any full export container. However, we cannot yet say the same for empty containers. While the operation of MV Electra A was going on, the conditions of the empty containers was not clear yet. Therefore, empty containers were not loaded on this call.” He added that while the crew were not allowed ashore, the ship’s master reported that the east part of the terminal was in good condition. “When we compared the speed of the operation with previous calls, there was not a significant difference,” he said. Electra A was followed by the CMA CGM-operated 2,226 teu Nicolas Delmas. It called directly from Alexandria after apparently diverting to Tripoli, then diverting back to Beirut before discharging. It remained alongside this morning, according to AIS data from Lloyd’s List Intelligence. LEAD STORY: Beirut container terminal resumes operation WHAT TO WATCH: Mauritius prepares for ‘worst case scenario’ over grounded bulker Libya flags risk of Beirut-scale blast at oil port OPINION: Elias Kulukundis, Greek writer and shipowner, dies at 82 ANALYSIS: London’s domination of maritime arbitration continues Data analysis makes emissions reduction cost effective MARKETS: DHT sees weaker VLCC rates ahead Blast puts safety of ammonium nitrate under scrutiny IN OTHER NEWS: India plans $1bn transhipment port on Nicobar Islands Norden adds ultramaxes to newbuilding order Precious Shipping chief is optimistic for 2021 Taizhou Kouan Shipbuilding seeks restructuring investors CMA CGM launches relief campaign for Lebanon

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Page 1: Daily Briefing · 2020. 8. 11. · the box terminal began to resume operations. The 2,670 teu Electra A, owned and operated by Turkish operator Arkas, had been sitting at the Beirut

Lloyd’s List | Daily Briefing Wednesday 12th August Page 1

Daily BriefingLeading maritime commerce since 1734

Wednesday August 12, 2020

Beirut container terminal resumes operation

PART OF THE port of Beirut has reopened a week after a huge explosion devastated much of the city.

The first two containerships to call at the port berthed on August 10 as the box terminal began to resume operations.

The 2,670 teu Electra A, owned and operated by Turkish operator Arkas, had been sitting at the Beirut anchorage for two days. It has since left and is en route to Iskenderun.

“We discharged and loaded all full containers as planned without exception,” a spokesman for Arkas told Lloyd’s List.

“The surprising and pleasing news for us was that no damage was reported on any full export container. However, we cannot yet say the same for empty containers. While the operation of MV Electra A was going on, the conditions of the empty containers was not clear yet. Therefore, empty containers were not loaded on this call.”

He added that while the crew were not allowed ashore, the ship’s master reported that the east part of the terminal was in good condition.

“When we compared the speed of the operation with previous calls, there was not a significant difference,” he said.

Electra A was followed by the CMA CGM-operated 2,226 teu Nicolas Delmas. It called directly from Alexandria after apparently diverting to Tripoli, then diverting back to Beirut before discharging. It remained alongside this morning, according to AIS data from Lloyd’s List Intelligence.

LEAD STORY:Beirut container terminal resumes operation

WHAT TO WATCH:Mauritius prepares for ‘worst case scenario’ over grounded bulker

Libya flags risk of Beirut-scale blast at oil port

OPINION:Elias Kulukundis, Greek writer and shipowner, dies at 82

ANALYSIS:London’s domination of maritime arbitration continues

Data analysis makes emissions reduction cost effective

MARKETS:DHT sees weaker VLCC rates ahead

Blast puts safety of ammonium nitrate under scrutiny

IN OTHER NEWS:India plans $1bn transhipment port on Nicobar Islands

Norden adds ultramaxes to newbuilding order

Precious Shipping chief is optimistic for 2021

Taizhou Kouan Shipbuilding seeks restructuring investors

CMA CGM launches relief campaign for Lebanon

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Customs clearing agents were briefly allowed to enter Beirut’s container terminal, but were then asked to leave by the army.

Local Lloyd’s agent Jamil Sayegh said agents would be allowed in again today to restart cargo clearance formalities.

The authorities declared a two-week state of emergency in Beirut and ordered the house arrest of 16 port officials pending an investigation.

Lebanese security officials warned the government in July that 2,750 tonnes of ammonium nitrate stored in Beirut’s port posed a risk, Reuters said, citing documents.

The blast is known to have killed at least 163 people and injured 6,000, as well as destroying 6,000 buildings, leaving 200,000 homeless.

Following days of protests, the government resigned on August 10 and will remain as a caretaker administration until a new cabinet is formed.

Chemical experts from France and Italy and local firefighters are working to secure at least 20 potentially dangerous chemical containers at the

port after finding one that was leaking, the Associated Press said, citing a member of a French clean-up team.

“There are also other flammable liquids in other containers, there are also batteries, or other kind of products which could increase the risk of potential explosion,” the worker said.

There has been “considerable damage” to empties sited at the terminal and to containers held in the customs inspection area, said Capt Sayegh.

“As to the full containers, the damages are minor as the storage of these containers is located some 1,300 m to 2,000 m away from the epicentre of the blast,” he said.

He added that port staff had been able to restore power to reefer containers shortly after the blast.

Meanwhile, work has begun to clear three quays of debris from last week’s explosion to prepare them to serve smaller vessels.

“Discharge from these vessels is to be made on to trucks using their own gear, or what shore cranes survived the explosion,” said Capt Sayegh.

WHAT TO WATCH

Mauritius prepares for ‘worst case scenario’ over grounded bulkerTHE prime minister of Mauritius has said the island nation must prepare for “a worst case scenario” concerning the Japanese vessel that ran aground on a reef, spilling oil into the Indian Ocean.

While the leak has been halted, Prime Minister Pravind Jugnauth said new cracks have been spotted in the vessel’s hull.

He said the 203,130 dwt capesize Wakashio still had 2,000 tonnes of oil in its undamaged tanks.

“The salvage team has observed several cracks in the ship hull, which means that we are facing a very serious situation,” Mr Jugnauth said in a televised address on August 10.

“We should prepare for a worst case scenario. It is clear that at some point the ship will fall apart.”

Wakashio had been on its way to Brazil from Singapore when it grounded on a reef near Pointe d’Esny on Mauritius’ east coast on July 25.

It was not carrying any cargo, but had about 4,000 tonnes of fuel, mostly low-sulphur fuel oil, on board.

The vessel is owned by Japan’s Nagashiki Shipping and is chartered out to Mitsui OSK Lines.

MOL said in a statement that about 1,180 tonnes of fuel oil had leaked from the 2007-built, Panama-flagged vessel.

Recent updates said 1,020 tonnes of very low sulphur fuel oil had been pumped out and transferred on to small tankers, while about 1,600 tonnes of VLSFO and about 200 tonnes of diesel oil remain on the ship.

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The company said that transfer work would continue but cracks inside the hull had expanded. The ship is moored to a tug to prevent drifting.

International efforts to contain the spill have intensified as the vessel is grounded in a sensitive ecological area, close to the Blue Bay marine park.

Conservationists have reported finding dead fish and seabirds covered in oil, increasing fears of an ecological catastrophe despite a massive local cleanup operation that includes making floating booms from leaves and human hair.

Mauritius Wildlife Foundation conservation director Vikash Tatayah told local media: “We are starting to see dead fish. We are starting to see animals like crabs covered in oil, we are starting to see seabirds covered in oil, including some that could not be rescued.”

The International Maritime Organization said it has joined international efforts and has deployed, along with other United Nations agencies, an expert who is en route to the site. Satellite mapping is being sought to inform about the extent of the spill.

France and Japan are also assisting Mauritius, which has initiated its oil spill contingency plans, the IMO said.

In its latest casualty update, Lloyd’s List Intelligence said that with the weather deteriorating and high seas expected, there are concerns that the vessel could break apart, putting in danger the fuel tanks that are still intact.

Its data shows that three deficiencies were identified in February this year at Port Hedland in Australia by Australia’s Maritime Safety Authority, related to the fixed fire-extinguishing installation, records of seafarer’s working and resting hours, and navigational publications.

In November 2017, one deficiency related to the Automatic Identification System was reported in Oita, Japan, Lloyd’s List Intelligence data shows.

ClassNK had inspected the vessel in March during an annual survey and found no problems, according to a Reuters report.

Libya flags risk of Beirut-scale blast at oil portLIBYA’s National Oil Corp has raised concerns about the risk a Beirut-style explosion from armed conflict near its oil ports.

NOC chairman Mustafa Sanalla warned “militarisation” of oil facilities, the presence of mercenaries and escalating fighting risked creating a disaster more severe than the explosion that destroyed part of the Lebanese capital last week.

It is thought 2,750 tonnes of ammonium nitrate stored in a warehouse at the Port of Beirut for more than six years was the cause of the blast which has killed at least 160 people and injured thousands more.

Mr Sanalla said oil terminals at Brega, Ras Lanuf and Es Sider could suffer the same fate, with more than 25 tonnes of ammonia and 1m barrels of condensate in stored in two tanks at Brega, Platts reported.

On July 29, the NOC warned of more mercenaries at Ras Lanuf and increasing military presence at oilfields.

The UN-backed Government of National Accord is fighting rebel general Khalifa Haftar’s self-styled Libyan National Army, which is backed by Egypt, Russia, the UAE and Saudi Arabia.

The LNA has blockaded oil terminals since January, bringing Libya’s exports from around 1m barrels per day to less than 10% of that. Oil revenues plunged to only $45.5m in June, the NOC said.

“The latest waves of violence in Libya, both during the battle of Tripoli and the movement east to the current stalemate at Sirte, has not yet seen Libya’s oil infrastructure targeted,” said Sophia Bellas, senior analyst at Dryad Global, a security consultancy.

But Ms Bellas added that Petroleum Facilities Guard forces had damaged Ras Lanuf in 2018 and the NOC likely feared similar attacks could happen again if the GNA, backed by Turkey and Qatar, pushed the LNA forces toward the oil terminals.

Ms Bellas said oil storage was nearing capacity amid the stalled production, creating more build-up of

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flammable material. But since both sides wanted control of Libya’s oil infrastructure, “large-scale attacks on such locations remain unlikely, and no current intelligence suggests an attack is imminent”.

Lloyd’s Market Association head of marine and aviation Neil Roberts said the NOC’s statement gave no real detail of the condition of the stored ammonia and condensate, and focused more on economic problems than safety matters.

“Such materials are stored around the world, and it would be reasonable for anyone to say that fighting amidst such stocks could be dangerous, but it is not news,” he said.

“I think it serves to highlight a desperate local situation by talking of theoretical disaster.”

A pile of ammonium nitrate, not ammonia, caused the Beirut blast.

OPINION

Elias Kulukundis, Greek writer and shipowner, dies at 82ELIAS Kulukundis, the Greek author and shipowner, has died in Syros, his family said. He was 82.

In recent years he had settled on the Aegean island after a cosmopolitan life and multi-faceted career, notably as an author and a countercyclical shipowner.

Although two such all-consuming pursuits made an unlikely mix, Mr Kulukundis — as he often did — saw things through a different lens from others.

He credited his mother with advising him not to choose between two passions and to “do both”.

Some of his best writing wryly chronicled growing up in a prominent Greek shipping family.

He also claimed that writing complemented his forays in the shipping business through squeezing the time available.

This disciplined him to patiently time his occasional investments — and get out again relatively quickly. Even so, “it was a matter of making decisions as they came along and hoping for the best”, he said.

Born in London, he travelled with his family to Greece when he was six months old, then emigrated to America when he was three on “the last ship out” as the Second World War broke out.

While the Kulukundises, originally from the island of Kasos, were a leading shipping clan, Elias was not immediately sucked into the business. He preferred literature, languages, teaching, travel and political activism. His left-wing sympathies further burnished his image within the family as a rebel.

By the age of 27, he had translated Viktor Nekrasov’s Both Sides of the Ocean, chronicling a dissident Soviet writer’s first encounters with America and Italy.

Three years later, he published The Feasts of Memory, an exploration of his Greek origins that offered colourful snapshots of the Kulukundis family.

Other autobiographical memoirs followed, including The Amorgos Conspiracy, detailing the boat rescue of his father-in-law, a centre-left Greek politician exiled by Greece’s junta.

More recently there was Bold Coasts, an amusing, but sharply observant account of his entry into the shipping world.

Elias Kulukundis did not go to work at the family firm, Rethymnis & Kulukundis, until he was in his 40s, and brought a different perspective than most R&K insiders.

In Bold Coasts he caricatured himself as “a potential fifth column in R&K, one who… found himself by an accident of birth inside the magic circle of the legendary company”. Despite that, he found that he had a nose for shipping after all.

When he began to hunt opportunities to invest in ships for his own account, eventually forming Kulukundis Shipping Investments, he tried to apply the dictum of his famous uncle, Manuel Kulukundis, that shipping was an easy business.

Acquisitions, sometimes with partners, were occasional and limited to one or two ships.

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In 1999 he almost doubled his money on two product tanker newbuildings, acquired at more or less production cost, that were quickly sold to OMI Corp.

In 2003, he acquired a 50% stake in two handysize bulkers that he sold the next year, again for a 100% profit.

Mr Kulukundis patiently sat out the boom years

before buying two supramaxes, one in 2012 and another in 2013.

“I never bought a ship with the intention of selling it,” he told Lloyd’s List that same year. “I was offered a price that was difficult to refuse. So you never know what is an asset play — until it’s played.”

Mr Kulukundis is survived by one daughter.

ANALYSIS

London’s domination of maritime arbitration continuesLONDON still handles more than 80% of all maritime arbitration cases despite efforts by other jurisdiction to promote themselves as competitors, according to research from HFW.

Some 1,737 maritime arbitrations were started in London last year, an increase of 14% on the previous year, which equates to around 83% of all international maritime arbitrations in 2019, according to the shipping law firm’s analysis of data from major arbitral institutions around the world.

Singapore and Hong Kong have emerged as London’s two strongest competitors, but trail far behind, with only 229 and 124 international maritime arbitrations respectively last year.

The United Arab Emirates has launched the Middle East’s first dedicated maritime arbitration centre, the Emirates Maritime Arbitration Centre, and the Nordic Offshore and Maritime Arbitration Association has been established as an alternative to post-Brexit London for both maritime and non-maritime international disputes.

The London Maritime Arbitrators Association participated in an estimated 96% of all international maritime arbitrations globally.

Nothing suggests that the position will be changing any time soon, said HFW partner Craig Neame.

“Credibility and trust in London’s arbitration centres remain high among international parties,” he said. “Singapore and Hong Kong… may emerge as future forces in international maritime arbitration, but, for now, London — and English law — continue to rule the waves.”

The LMAA’s own statistics show that arbitrators received a total of 2,952 arbitration appointments last year, compared with 2,599 in 2018. Appointments on LMAA terms grew almost 15%, from 2,369 to 2,697.

There was also an increase in small claims procedure appointments, up from 207 to 218. This has resulted in an overall increase in new cases of in excess of 10%, from 1,561 new references to 1,756 new references.

The total number of awards published also increased to 529. In 2019, 401 awards were published under the LMAA terms, with a further 128 awards on other terms.

Even in the midst of the coronavirus pandemic, London maritime arbitration is still available through videoconferencing services.

Arbitrators are also confident of meeting the challenge of Brexit, with the LMAA insistent that Britain’s departure from the European Union will have no impact whatsoever on the niche.

Lux Arbitration principal Jonathan Lux said: “This report makes very encouraging reading for those like me, whose daily bread and butter is maritime dispute resolution.

“While we face uncertain times, with Brexit and the economic aftershock of Covid-19, the one certainty is that they will result in more and not less disputes going forward, and will therefore be good for London’s dispute resolution offerings of arbitration and mediations, and new hybrid processes combining both.”

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LMAA president Bruce Harris added: “This, and other reports, underline the continuing attraction of London maritime arbitration.

“We strive to provide excellent service to disputing parties, and these figures show that we are succeeding.”

Data analysis makes emissions reduction cost effectiveHULL fouling is the biggest preventable cause of excess fuel consumption and avoidable greenhouse gas emissions, but judging when to remove growth from a ship has traditionally been left to intuition or carried out at intervals with little regard for trading conditions.

The science of data analytics is about to remove the guesswork from hull cleaning and make this relatively overlooked element in vessel operations one of the key ingredients in environmental compliance.

That will benefit charterers, who bear the cost of hull fouling, but who often have little decision-critical data coming from the ship; owners, who pay for the cleaning cost; and the environment.

Technology firm GreenSteam has worked with a Norwegian customer to analyse vessel performance under different conditions to identify the moment when the advantage of frequent, gentle cleaning is no longer enough to remove the build-up of growth.

“There’s an inevitable progress in growth on a ship’s hull from slime to plant life to animal life. You get to a point, which we think is about 10% fouling resistance, where you cannot wind the clock back,” says GreenSteam chief executive Simon Whitford.

Monitoring the vessel’s performance through machine learning provides the key data. Fouling is affected by temperature of the water, speed of the vessel and presence of chlorophyll in the water. The findings have been published as a White Paper.

“Machine learning looks for patterns,” says Mr Whitford. “Over a period of three months, a vessel generates many gigabytes of data. The analytical tool tries to find a fit between 13 actors that affect fuel consumption, one of which is fouling.

“It ends up with a probability distribution that gives the most likely pattern in the way all these factors contribute to derive the fuel consumption. That’s how we work out what’s happening on the hull. It is the only way to show how a premium hull coating justifies its price.”

Every ship has a different trading pattern. If a vessel has been waiting in a West African port for two weeks — in warm waters with lots of nutrients — build-up of fouling would be much more advanced than if it were in active operation in colder waters.

“We would want the shipowner looking at the trading pattern and where the ship’s going next when it is at about 8% fouling resistance. It is important to have time to plan ahead,” Mr Whitford says. “If the ship’s going to Fujairah or Singapore, where we know cleaning can be done at the same time as cargo operations, that is good.”

GreenSteam was set up by three mathematicians in the Faroe Islands to apply machine learning to tricky business of trying to provide a base line for fuel consumption for a vessel on the high seas. There are now 55 employees: a data science team in Copenhagen, a commercial team in the UK and a vessel coding team in Warsaw.

They started with trim optimisation, analysing speed, trim and weather conditions for faster ro-ro ferries and containerships. These vessels were able to save between 2% and 6% of fuel consumption by continually adjusting their trim during a voyage. The same machine learning capability is now being applied to fouling. The next step is speed optimisation.

Next month, the company launches an updated version of its Speed Optimiser, which takes a route already set for a vessel and runs hundreds of thousands of simulations of speed profiles to identify the most economical.

It allows for slower travel in shallow water, which drags the ship, and faster in warmer water. “Each model is specific because every vessel is different and behaves in a different way. Even sister vessels are completely different,” he says.

The company has also launched its Capture data platform, an app that gathers accurate, validated meter readings from all over a ship, mixes the data with high-frequency AIS data and Metocean data of wind and weather, sea states, and wave direction.

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“We can interpolate that data using artificial intelligence and produce an extremely close match to high frequency monitored data,” Mr Whitford says. The sheer cost of a high-frequency dataflow has been prohibitive so far; GreenSteam believes this new platform provides an affordable capability.

He says the biofouling initiative is first and foremost a greenhouse gas measure, however it has to be affordable.

“It is a money issue,” he says. “CO2 is important but money talks.” It will also become increasingly a

compliance issue, especially as the European Union’s monitoring, reporting and verification requirement demands proof of meter readings.”

More owners are providing corporate social responsibility documents identifying CO2 per cargo tonne-mile.

“We can quantify the effects of wind and waves and the parameters of the ship — trim, speed and fouling. Unless you can strip out the impact of heavy weather or risky ports,” Mr Whitford concludes, “you may have to explain poor performance that wasn’t your fault.”

MARKETS

DHT sees weaker VLCC rates aheadDHT Holdings, a US-listed crude tanker owner, has said it can weather the upcoming anticipated weaker market.

Since its breakeven levels are low, it would still be able to generate cash, company executives said on a conference call.

Spot freight rates for very large crude carriers are currently at about $20,000 per day, with the Atlantic market more active than the Middle East region.

Increased congestion may dampen what would otherwise be a strong final quarter of the year, co-chief executives Svein Harfjeld and Trygve Munthe said. In addition, an unwinding of floating storage may add to the softer sentiment.

But DHT can withstand tough market conditions, the executives said. “We are very well positioned as we move into a period of weaker rates.”

DHT reported net profit of $135.8m in the second quarter versus a loss of $10.5m in the corresponding period a year earlier, it said in a statement.

The company has 17 vessels employed in the spot market, and for the second half of the year, the vessels will need to earn just $2,800 per day to meet the company’s estimated cash costs, according to a presentation. In 2021, they will need to earn $11,400 per day to cover costs.

In the second quarter, its ships generated $92,100 per day.

It has 10 vessels on time charters, four of which are on profit-sharing agreements. The rest are on fixed rates in the region of $50,673 per day. During the April to June period, the ships earned $62,700 per day. It has just signed a two-year time charter for DHT Stallion at $41,800 per day.

The company said it was considering a fleet renewal strategy and would be looking at ships built since 2015, or at resales, but it was in no rush to make new investments.

It has three vessels that are 16 years old and two that are 14 years old.

It has 77 off-hire days in the third quarter, related in part to crew change efforts, which were now taking much longer and requiring deviations for logistical reasons.

It has managed to change some or all of the crew on two thirds of its fleet.

“We have managed to gradually recommence crew changes and expect to continue this effort going forward albeit still with challenges as only limited geographical areas support these operations,” the company said, adding that so far, it has had “limited negative impacts”.

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Blast puts safety of ammonium nitrate under scrutinyTHE risk of another major port explosion similar to that in Beirut cannot be ruled out, but is unlikely to occur if safety guidelines are adhered to.

The vast majority of ammonium nitrate, which is widely used around the world as a fertiliser or for explosives in mining, is “relatively harmless” and its storage and transport is already well regulated through the International Maritime Organization.

“Ammonium nitrate has various degrees of composition, which determines whether it is considered dangerous goods or not,” said Richard Brough, technical adviser at the International Cargo Handling Coordination Association.

“Most of what we handle is regulated by the IMO through the International Maritime Dangerous Goods Code if it is packaged or through the International Maritime Solid Bulk Cargoes Code.”

But if stored in the wrong conditions or is contaminated, ammonium nitrate can be come volatile, he said.

Contamination through oil, grease or even wood products could change the product’s thermal properties.

“Of itself, ammonium nitrate will not normally self-combust,” Capt Brough said. “It usually needs another source to set it off and it looks like in the case of Beirut there was welding going on nearby that could have ignited a fire that then set off the ammonium nitrate.”

The problems could be accentuated, however, if the bags it was stored in had degraded.

“All warehouses have drains, and if it leaks into a drain it is in an enclosed space, which effectively turns it into a bomb,” Capt Brough said.

The size of the explosion in Beirut “begs the question why that amount of ammonium nitrate was allowed to sit in a warehouse in close proximity to the city”.

“We can only speculate, but it clearly looks like procedures were not followed,” Capt Brough said.

“We know it was seized to pay port fees, but it should then have been moved on.”

Ports in the UK need a licence to handle ammonium nitrate, and it is heavily regulated in Europe under the Seveso directive.

“The Control of Major Accident Hazards Regulations in the UK means anyone applying for a licence to handle ammonia nitrate has to take into consideration how it will be shipped, transported from the port and how it will be stored.

“This includes where it will be stored. Are you in the middle of an industrial port with nothing around you or are there other major industrial installations, such as a refinery, next door?”

The British Ports Association said in a statement: “Following the tragic explosion at the port of Beirut this week there has understandably been some local interest in the storage of products containing the chemical at UK warehouses, storage facilities and ports.

“The UK has a comprehensive legislative regime for the storage of ammonium nitrate and there is a robust licensing process for those wishing to store the chemical and other potentially explosive products in the UK.’’

It said licences are granted by either local authorities, the police, the Health and Safety Executive or the Office for Nuclear Regulation.

Capt Brough said international controls for shipping were “quite stringent”, but issues arose once a cargo had been offloaded.

“There are recommendations for transport and storage but these are aimed at national authorities to set up their own legislation. Some ports are less sophisticated than others and the degree to which that is actioned varies.”

Casualties like the one in Beirut occurred when people took their eye off the ball and failed to follow regulations, Capt Brough said. “Sometimes commercial pressure prevails, or there is just ignorance of the law. You can see the price they’re paying for that in Lebanon.”

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IN OTHER NEWS

India plans $1bn transhipment port on Nicobar IslandsINDIA will invest $1bn on a new port at Great Nicobar Island at the southern edge of the Bay of Bengal with the aim of developing an ambitious new container transhipment hub to match Colombo and Singapore.

The dedicated container transhipment terminal at the strategic location in the Andaman and Nicobar Islands offers two advantages — proximity to the busy east-west international shipping route that can facilitate shorter transits and greater economies of scale, and deep natural water depths that can accommodate the latest generation of mega containerships.

At present, Indian ports do not have adequate infrastructure to handle large container vessels of more than 15,000 teu capacity.

Norden adds ultramaxes to newbuilding orderNORDEN, a Danish bulker owner and operator, has added two more ultramaxes to its existing order of four vessels being built

at the Nantong Cosco Khi Ship Engineering yard in China.

The company has already sold two vessels from the newbuilding order on sale and leaseback terms, subject to final completion, it said in a statement. No financial details were disclosed.

The deal frees up liquidity, it said, adding that it secures “attractive charter rates”, while providing “good optionality” from period and purchase options.

Precious Shipping chief is optimistic for 2021THAI dry bulk operator Precious Shipping chief executive Khalid Hashim believes that 2021 should be a “reasonable year” compared with the disaster so far this year.

For dry bulk shipping, supply and demand balance had been very close prior to the coronavirus outbreak, he said.

Secular recovery would be characterised by extreme volatility as any small change in demand or supply would have a disproportionate impact on the Baltic Dry Index and profitability.

Taizhou Kouan Shipbuilding seeks restructuring investorsCASH-STRAPPED Taizhou Kouan Shipbuilding is seeking investors to reorganise its businesses.

A local court in China’s Jiangsu province, where the shipbuilder and its affiliates are based, has approved its request for restructuring, according to a court filing.

It said TKSC had run out of cash and was unable to complete and deliver newbuilding projects in a timely manner.

CMA CGM launches relief campaign for LebanonCMA CGM has announced the launch of a relief campaign for Lebanon after the explosion in the port of Beirut that devastated much of the city.

The French shipping line said its campaign “A Humanitarian ship for Lebanon ” would deploy a ro-ro vessel to Beirut.

“One of the CMA CGM’s ro-ro vessels will be deviated from its usual service and will travel from Marseilles to Beirut in the very near future,” the company said.

Classified notices follow

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Page 11: Daily Briefing · 2020. 8. 11. · the box terminal began to resume operations. The 2,670 teu Electra A, owned and operated by Turkish operator Arkas, had been sitting at the Beirut

Lloyd’s List | Daily Briefing Wednesday 12th August Page 11

Page 12: Daily Briefing · 2020. 8. 11. · the box terminal began to resume operations. The 2,670 teu Electra A, owned and operated by Turkish operator Arkas, had been sitting at the Beirut

Lloyd’s List | Daily Briefing Wednesday 12th August Page 12

Page 13: Daily Briefing · 2020. 8. 11. · the box terminal began to resume operations. The 2,670 teu Electra A, owned and operated by Turkish operator Arkas, had been sitting at the Beirut

Lloyd’s List | Daily Briefing Wednesday 12th August Page 13

Page 14: Daily Briefing · 2020. 8. 11. · the box terminal began to resume operations. The 2,670 teu Electra A, owned and operated by Turkish operator Arkas, had been sitting at the Beirut

Lloyd’s List | Daily Briefing Wednesday 12th August Page 14

Page 15: Daily Briefing · 2020. 8. 11. · the box terminal began to resume operations. The 2,670 teu Electra A, owned and operated by Turkish operator Arkas, had been sitting at the Beirut

Lloyd’s List | Daily Briefing Wednesday 12th August Page 15